Thursday, November 19, 2009

NSN Confirms That it Did Not Win Nortel Auction

Nokia Siemens Networks confirmed that it did not submit the highest bid in the auction for Nortel's optical networking and carrier Ethernet assets. NSN said that it believes that its final offer represented fair value for the assets, and further bidding could not be financially justified. Financial terms of its bid were not stated.

Ciena, which in October had submitted at a bid of $521 million for the Nortel assets, is believed to have raised its offer on Friday in response to the NSN bid.